1) Yes, you are correct on pay/bonus

2) Depending on what you want to do. They are best-in-class for restructuring/turnaround work and this an area where MBB doesn't play that much. Their second strong area is private equity work. In my opinion A&M is a very sold option, will allow you to develop both strong financial and operational skills.

3) Exit opps I have seen - midcap PEs (not necessarily distressed) and senior executive roles in the industry.


Hi FTI guy here, I can give a little input.

Just to add a little bit to Johnny Foreigner.

1) A&M is a very solid shop, they have the arguably the strongest company/debtor side Restructuring practice of the big 3 RX firms. (A&M, Alix, FTI) Especially when it come to large/prime deals.

2) Pay/bonus is best in the industry. You are paid a % of your billable hours.

Example below:

Rate of 25% Salary of $100k Billable hours: $1M

Your rate is 25% x $1M = $250k. Subtract $100k for your salary and your annual bonus is $150k for total comp of $250k. Very transparent and completely uncapped as far as I know. Your “commission” rate varies depending on your level and possibly performance.

On a mega-bankruptcy case you might bill $2M+ as a mid-career non-partner with a rate closer to 35-40%. So you can see how in theory this structure could be very lucrative.

3) Exits are in-line with Johnny Foreigner’s comments. Generally though due to the specialized skill set and great pay, it’s not uncommon to see people spend many years in RX consulting, even if they are not at the Partner/SMD level. .

Best Response

A&M guy here. Did IB out of T20 MBA then got tired of the hours. At A&M I work half the hours and make the same money. The work is much more rewarding. As far as comp its relatively similar to IB at the same age/rank. Associate is very similar to the above. Sr. Associate is like a 3rd year or low VP. Director is similar to VP and SD/MD is similar to IB, in terms of comp. MDs in IB prob make more but not a ton. Exits are as described above. I just had a mentor SD leave to found a 500m 1st round fund and asked me to go. So, that is definitely a option. I make way more than I would in MBB. 1st year out of MBA they pull 180, I will likely hit 270-300. Not even close. I also would argue I do way more intriguing work. I am in back room deals with PE/IB/Sr. Mgt all the time. I will also say at least in our office it is a pretty pure meritocracy. Do well you get a big leash and will be promoted quickly. I will likely be a Sr. Associate this year after 2 years at Associate. I have a buddy that is a sr. associate that is gonna clear 500 this year. DM me if you want more info. I am on the recruiting team here so I can give insight on that side for future readers.


Not the OP but what is intriguing (for some) about RX Consulting versus Banking is the amount of exposure you get to the whole RX process. Whereas in banking you're focusing mainly on the capital structure, in RX consulting, you're going to get exposure to the capital structure stuff as well as boat loads of the operational and legal stuff.

As a RX consultant, you're going to be working with the company building their business plan, working with the lawyers on the various motions, creating 13 week forecasts, preparing various court-required filings, etc. This all requires in-depth knowledge of the company's operations as well as frequent interaction with C-suite level employees. And you get all that at relatively junior levels which as others have alluded to isn't as common in banking.

I will say this that in RX consulting your experience will strongly depend on the firm you join and the projects you get staffed on. Part of A&M's model is that they separate the more administrative aspects from the strategic / interesting (for me) aspects. I think Alix is similiar. At FTI, on the company side, this work is not separated so you run the risk of getting staffed on engagements where you're focused on first day motions, preparing SOFA/SOAL, doing claims reconciliation, etc. and not necessarily getting a ton of exposure to the modeling side of things. Something to keep in mind. Also, I think this is less of an issue on lender side work for obvious reasons.

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